NEW YORK, Dec. 9, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of CIBER, Inc. ("CIBER" or the "Company"), between December 15, 2010 and August 3, 2011. Such investors are advised to contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888-476-6529, ext. 350.
CIBER is a global information technology consulting, services and outsourcing company. The investigation concerns whether CIBER and several of its key executives violated federal securities laws by making false and misleading statements concerning the Company's failure to disclose that it was facing significant charges arising from legacy contracts entered into or before 2009, and substantial weakness in sales in its North American sector, which represented 36% of the Company's revenue.
On August 3, 2011, the Company reported that financial results were "significantly below... expectations," and announced that it would suspend its full-year 2011 guidance due to "sales weakness in North America." The Company at this time also disclosed a disappointing 23% decline in revenue for its North American operations. On this news, CIBER's stock price plummeted to $1.22 or approximately 23.6% in a single day, closing at $3.94 per share on August 3, 2011.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.